GROUP PROJECT 2 Group Project Running head: GROUP PROJECT 1 Our company, DAKAT Foods, produces, markets, and sells wholesome and socially beneficial foods and beverages around the world. The purpose of our talk today is to tell you about our newest product, an organic, fair trade, low-glycemic, environmentally friendly, and socially responsible iced coffee drink called HAPPUCCINO. Product HAPPUCCINO is a blended organic and fair trade blended iced coffee, deliciously creamy and served in compostable packaging. The product consists of organic fair trade coffee, organic and naturally low-carb sweeteners, and vegan nut-milks with other natural flavors. Our major competitors are Starbucks, Caribou Coffee, and Dunkin Donuts. Future partners will include REI, Whole Foods, Fresh Thyme, local grocery co-ops, and sustainability-minded restaurants and cafes. Marketing strategy focuses on a business’s overall plan to reach and retain potential customers through establishing a value proposition, gathering demographic data, and setting objectives. According to Abedin & Jafarzadeh (2013), a unique marketing strategy starts with product differentiation, which results in higher brand love, enhanced image, and customer loyalty. The products’ value proposition is also based on a great customer experience supported by an outstanding store atmosphere meant to decrease stress and increase the sense of well-being in our customers. Market and Customer HAPPUCCINO will be marketed through the use of mass media and online social-media advertisements, focused on long term branding of the product as a healthy, sustainability-focused, customer-oriented, and ethical business. We will also partner with established brands to co-market our products together. We plan to market HAPPUCCINO in several markets, including: · Online, via social media including Facebook, Instagram, Tick-Tock, and other person-to-person social media platforms · By engaging young influencers, such as popular Youtubers, young celebrities, sports figures, and others that our target customers trust. · By cross-promoting with other brands in the LOHAS space, e.g., REI, Whole Foods, Fresh Thyme, local grocery co-ops, and sustainability-minded restaurants and cafes. · We will run special ads in local publications, to drive foot traffic to our own and partner stores. As HAPPUCCINO moves through its life cycle and gains market share, we may decide to increase pricing; e.g. skimming price strategy, to increase revenues and further establish our superiority in the crowded coffee market. According to Akaeze and Akaeze (2017), business practitioners achieve a competitive advantage when they perform a careful value-creating plan or method not simultaneously performed by competitors. In our case, HAPPUCCINO is superior in health and environmental benefits. It is instructive to note that most initial pricing strategies are temporary and as the product life cycle advances, there will be changes in the ...